Apple Soars on 9M iPhone Sales, Guidance Raise (Update)
This story has been updated with information on Apple's raised fourth-quarter guidance.
NEW YORK (TheStreet) -- Apple's
In a press release, Apple announced that it sold more than 9 million iPhone 5c and 5s units, breaking the previous record set last year. Last year, Apple sold more than 5 million iPhone 5 units across the globe.
"This is our best iPhone launch yet¯more than nine million new iPhones sold¯a new record for first weekend sales," said Tim Cook, Apple's CEO in a press release. "The demand for the new iPhones has been incredible, and while we've sold out of our initial supply of iPhone 5s, stores continue to receive new iPhone shipments regularly. We appreciate everyone's patience and are working hard to build enough new iPhones for everyone."
The gangbusters sales figure should come as no shock. Cantor Fitzgerald analyst Brian White, who rates Apple a "buy" with a $777 price target, notes that the iPhone 5s, with new TouchID technology and a 64-bit A7 chip, was incredibly well received, especially the gold model. "Based on our survey work, Apple retail stores sold out of the gold-colored iPhone 5S the fastest, followed by silver," White wrote in his note. "We believe stock of the gold iPhone 5S was the lowest of the three colors by far, followed by silver."
The iPhone 5s became available to buyers at 12:01 a.m. Friday, with Apple allowing customers to buy it on the company's Web site. The iPhone 5c was available for pre-order starting Sept. 13.
Concerns over iPhone sales were overblown, as several analysts on Wall Street, including Morgan Stanley's Katy Huberty showed that initial tracking data for the new phones was exceptional
In addition to the blockbuster opening weekend, Apple announced that more than 200 million devices have been upgraded to iOS 7, Apple's latest mobile operating system. The company also noted that "over 11 million unique listeners have already tuned in to iTunes Radio since launch with the most listened to song being 'Hold On, We're Going Home' by Drake."
The Cupertino, Calif.-based tech giant also raised fiscal fourth-quarter guidance, following the announcement. "Apple expects total company revenue for the fourth fiscal quarter to be near the high end of the previously provided range of $34 billion to $37 billion, and expects gross margin to be near the high end of the previously provided range of 36% to 37%," the company said in an SEC filing.
Apple shares were soaring in early Monday trading, gaining 5% to $491.00.
--Written by Chris Ciaccia in New York
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